Cardiff man jailed for £124k cryptocurrency fraud scheme

A Cardiff man has been sentenced to three years and eight months in prison for running an elaborate cryptocurrency investment scam that defrauded 17 victims of more than £124,000.

Haroon Zaman, 23, from Holmesdale Street, Grangetown, was sentenced at Reading Crown Court on Wednesday following a joint investigation by South Wales Police and the South East Regional Organised Crime Unit (SEROCU).

Between January 2021 and June 2023, Zaman operated a sophisticated fraud scheme by hacking into victims’ social media accounts and impersonating them online. He then used these compromised accounts to promote fake cryptocurrency ‘investment opportunities’, convincing victims to transfer funds on the promise of risk-free returns.

However, no legitimate investments existed, and Zaman pocketed the entirety of the £124,479 stolen from unsuspecting victims who believed they were investing safely through trusted contacts.

Zaman pleaded guilty to 17 counts of fraud by false representation and received his sentence at Reading Crown Court.

Investigating officer DC Alex Sarakinis, from SEROCU, said Zaman had shown a “complete disregard for the damage” he had caused, adding: “By hijacking social media accounts, he deceived people into believing they were investing safely, when in fact he was stealing their money. Thanks to close partnership working with South Wales Police, we were able to uncover the scale of his offending and ensure he has now been brought before the courts.”

The case highlights the growing threat of social media-based investment fraud and the importance of verifying investment opportunities, even when they appear to come from trusted sources.